Oil futures rose slightly on Tuesday to their highest levels in almost six weeks...
LONDON - Oil futures rose slightly on Tuesday to their highest levels in almost six weeks on optimism that OPEC and other producing countries may agree to extend output cuts to support prices.
Brent earlier hit its highest level since Aug. 1, while U.S. crude rose to its highest since July 31. “Clearly, the Kingdom wants higher oil prices ... Prince Abdulaziz made clear that ‘no radical’ change in the Saudi oil policy is forthcoming”, said Tamas Varga of oil brokerage PVM. There have been concerns about producers’ adherence to the agreement as OPEC members Iraq and Nigeria, among others, exceeded their quota in August and Russia also did not fully comply.
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